For Immediate Release 4 December 2012
PhosAgro Board of Directors Re-Appoints Maxim Volkov as CEO and Approves
Development Strategy for 2013
Moscow - PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading
global vertically integrated phosphate-based fertilizer producer, announces
that its Board of Directors unanimously re-elected Maxim Volkov as the
In accordance with PhosAgro's charter, the CEO is elected by the Board of
Directors for a one year period.
PhosAgro's Board of Directors has also voted to allow the Company's CEO Maxim
Volkov to hold positions in the governing bodies of other companies, including
PhosAgro subsidiaries Apatit and PhosAgro-Cherepovets, where Mr. Volkov chairs
the Boards of Directors.
PhosAgro's Board also approved the Company's development strategy for 2013. The
strategy entails further strengthening of PhosAgro as a leading global producer
of phosphate-based fertilisers and increasing shareholder value.
Some of the highlights of the strategy include:
* Greater use of the full potential of apatite-nepheline ore through deeper
processing in order to extract marketable concentrates and other products
with high value added;
* Continue modernisation and increases to flexibility of mineral fertilisers
production lines, which will further enable the Company to quickly adapt
its fertiliser production to changes in demand and other market factors;
* Increase output of complex fertilisers;
* Expand product line by introducing specialty fertilisers, technical
phosphates, purified phosphoric acid, etc.;
* Consolidation of ownership in subsidiaries.
The PhosAgro Board also determined the amount to be paid to the Company's RAS
auditor, made certain amendments and additions to the terms of reference for
the Remuneration and HR Committee, and approved several related-party
For further information please contact:
+7 495 231 2747
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
Timur Belov, Press Officer
+44 (0) 20 7920 2356
Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser
producer. The Group focuses on the production of phosphate-based fertilisers,
feed phosphate and high-grade phosphate rock (with P2O5 content of not less
than 39 percent), as well as ammonia and nitrogen-based fertilisers.
The Group is the largest phosphate-based fertiliser producer in Europe, the
largest producer of high-grade phosphate rock worldwide and the second largest
MAP/DAP producer in the world (excluding China), according to Fertecon.
PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the
only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high
quality apatite-nepheline ore, representing over 75 years of production. The
Group also controls substantial Al2O3 resources and has 41% of Russia's rare
earth oxides resources according to the G.P. Luzin Institute of Economic
Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences,
The Group's mines and phosphate rock production facilities are located in the
mountainous areas of the Kola Peninsula in the Murmansk region of northwest
Russia, whereas its fertiliser and feed phosphate production assets are located
near the city of Cherepovets in the Vologda region and near the city of
Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's
2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The С
ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.
For further information on PhosAgro please visit: www.PhosAgro.com